Overview
This course provides an overview of the revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 606. These standards provide accounting guidance for all revenue arising from contracts with customers and affect virtually all entities that enter into contracts to provide services or goods to their customers.
This course focuses specifically on the five-step model for revenue recognition including
- identifying a contract,
- identifying performance obligation,
- determining the transaction price,
- allocating the transaction price to performance obligations, and
- recognizing revenue.
CPE Acceptance
CPE Course For:
CPAs in most states (chart)
Other Professionals (chart)
Not Valid For:
AFSP
EA
Tax Preparer
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Online Course Materials
Fully online PDF materials included in course.
Login to your course to read online / print / save to local drive
Materials include:
- Clickable table of contents
- Learning objectives--each section
- Review questions--each section
- Answers to review questions + explanations
- Glossary of terms used
- Worksheets, forms and examples
- Index with page numbers
* Fully searchable *
Details
Fun CPE Course #: KCX50922
Materials: Online materials
Format: Interactive self-study
Subject: Accounting
Exam questions: Final-12 multiple choice
Document length: 36 pages
Passing score: 70% | Unlimited retakes
Prerequisites: None
Advance prep: None
Course level: Overview
Last reviewed/updated: 09/09/22
Expiration: One year from enrollment
Learning objectives
Upon completion of this course, you should be able to:
- List the five steps involved in the new revenue recognition model
- Recognize the considerations involved in identifying whether a contract exists
- Identify the considerations involved with measuring the transaction price
- Recognize the steps involved in allocating the transaction price to performance obligations